Category: Banking And Finance
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Bank of Baroda auctions chairs, water dispenser after liquidation
The Ghana unit of India state-owned lender, Bank of Baroda is auctioning its properties that include chairs and water dispenser as it prepares to finally pack out of Ghana. The auction is believed to be the final leg of the bank’s liquidation process, which started in December 2018. The decision to wind up the Ghana…
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Fundamentals still solid despite cedi depreciation – BoG
The current free fall of the cedi against major trading currencies especially the dollar has nothing to do with Ghana’s economic fundamentals, according to Director of Treasury at the Bank of Ghana, Steven Opata. Speaking on the Citi Breakfast show on Wednesday, Steven Opata said currently, the economic fundamentals are good and the central bank expects the…
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Gov’t provides 100% guarantee for 1.14 billion Cedis NIB bond
Government is to provide a 100 percent guarantee for a 1.14 billion cedis bond that will be issued under the Ghana Amalgamated Trust (GAT) to help the National Investment Bank(NIB). The bond, which will be issued before the end of February this year will be the second tranche after an initial one for four other…
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Fiscal Council must be independent to be effective –World Bank
Some stakeholders in the financial sector have stressed the need for the newly formed Fiscal Council to operate independently without being influenced by government. The comments were shared at a roundtable workshop in Accra, on the theme “The Suitable Model of Fiscal Council for Ghana: Learning from Best Practices”. The workshop which was facilitated by the…
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GRA intensifies education to increase tax collection in informal sector
The Ghana Revenue Authority has stated that it will intensify education to increase tax collection from the informal sector. The informal sector constitutes 70 per cent of the economy but just two per cent of them pay their taxes. The authority also revealed that their latest checks on tax payment showed that only 1.5 million of the expected six…
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Sacked GCB workers threaten to go to CHRAJ
Some ex-workers of defunct UT and Capital Banks who were absorbed into GCB Bank, have threatened to go to the Commission on Human Rights and Administrative Justice (CHRAJ) to be reinstated after their contracts were terminated by the Bank. According to them, their layoff is inhumane and will negatively impact their livelihood as well as…
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Most banks require initial deposit to open a savings account
Data released by the Bank of Ghana has shown that you will need to make an initial deposit with most banks to open a savings account in Ghana. The data released in January this year shows that even though you will need no initial deposit to own a savings account you will be required by…
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Communications Ministry, other parties to sign MoU on MoMo data to Kelni GVG
The Communications Ministry says it has reached an agreement with the Finance Ministry, Bank of Ghana and the National Communications Authority on which aspects of mobile money data will be released to Private Contractor, Kelni GVG. The Communications Ministry last year requested that the BoG released volumes and values of mobile money transactions to Kelni…
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Inflation for January drops to 9%; lowest in 5 years
Ghana’s inflation reached its lowest in five years for the month of January. Inflation rate dropped to 9 percent, from the 9.4 percent recorded in December 2018. The rate of 9.0% is the lowest since January 2013. The drop was largely consistent with the inflation trend recorded in January for the last 5 years. The…
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Cedi depreciation: Spare parts dealers threaten to pass on cost to consumers
Spare parts dealers at Abossey Okai have stated that they will have no other option but to increase the cost of their goods if the cedi is not stabilized against the dollar. The cedi since January this year has seen about 2.4 percent depreciation reducing in value against the dollar from 4 cedis 90 pesewa…